innovation for agile banking
TRANSCRIPT
Jan. - Mar. 2010 / Vol 05 / Issue 20
How the English are Banking on Tomorrow10 Innovative Ways to Achieve
Greater Agility in 2010
InterviewAnurag Saxena Executive Director and COOFirst City Monument Bank
featuring research from
PARTNERSHIPACCELERATESINNOVATION,TO DRIVEAGILITY
Banks that think out-of-the-box partner with Finacle, to chart timelystrategies and configure solutions to swiftly respond to change.
Finacle enables them to anticipate market requirements, managedynamic compliance mandates, speed-up service delivery andlaunch value-added products, faster than competition.
To see how Finacle can partner with you to power-up your bank’sinnovation agenda, and help you accelerate business agility, visitus at www.infosys.com/finacle.
Wilhelm Maybach & Gottlieb Daimler
YOUR INNOVATION PARTNER
from
Universal Banking Solution System Integration Consulting Business Process Outsourcing
Jan. - Mar. 2010 / Vol 05/ Issue 20
FinacleConnect is a quarterly journal on banking technology published by Infosys Technologies Limited. For more information contact: Sumit Virmani, Infosys Technologies Limited, # 44 Electronics City, Hosur Road, Bangalore 560100, India. Tel: +91-80-41057020 or write to us at: [email protected] All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, recording, or otherwise, without the prior written permission of Infosys Technologies Limited.Design & layout by VisualNet, www.vn4design.com
4 Voice from the Desk
5 Feature Web 2.0: A Quantum Leap for Banking
10 Cover Story 10 Innovative Ways to Achieve Greater
Agility in 2010
15 Kaleidoscope How the English are Banking on Tomorrow
19 Inside Talk Interview - Anurag Saxena
Executive Director and COO
First City Monument Bank
22 Tech Watch Agile Treasury Technology for the
Emerging Financial World
25 Hallmark
26 First Look Innovation and the Future Proof Bank
A Book Review
Jan. - Mar. 2010 / Vol 05 / Issue 20
How the English are Banking on Tomorrow10 Ways to Innovate
towards Agility in 2010
InterviewAnurag Saxena Executive Director and COOFirst City Monument Bank
featuring research from
How the Englishare Bankingon Tomorrow
How the Englishare Bankingon Tomorrow
Innovation: Driven bythe Organizational Mindset. Enabled by Technology.
Anurag SaxenaExecutive Director and COOFCMB
Innovation: Driven bythe Organizational Mindset. Enabled by Technology.
Anurag SaxenaExecutive Director and COOFCMB
WEB 2.0: A QUANTUM LEAP FOR BANKINGWEB 2.0: A QUANTUM LEAP FOR BANKINGWEB 2.0: A QUANTUM LEAP FOR BANKINGWEB 2.0: A QUANTUM LEAP FOR BANKING
Haragopal M
Global Head - Finacle
Infosys Technologies Limited
It’s the end of yet another action-packed year. A
year that no banker will forget for a long time to
come. Regulatory and compliance mandates, demanding
customers, commoditization of products and reducing
margins – some of these challenges we have hurdled to
a significant extent and yet so many still loom large. At
such times, I firmly believe the focus should not be on
‘quick fix’ techniques but rather long term sustainable
strategies. Innovation, today, is critical to future-
proof every business. With this issue we bring to your
desk interesting perspectives about how banks can be
agile innovators, while providing maximum value to
their customers.
The cover story presents banks with 10 ways to innovate,
to stay agile and productive in 2010. Exploring an
interesting approach to agility, the author states that
agility is not about “fastest finger first”. It is all about the
right attitude and value system and, willingness to be
nimble of mind as well as quick of body.
Anurag Saxena, Executive Director and COO, First
City Monument Bank reiterates the importance of agile
innovation in Inside Talk. When quizzed about the role
of innovation he says that in the banking industry nothing
remains new for long. According to him innovation
can be a process today, a product tomorrow, a
new application or even a novel way to take products to
customers. All of these increments add up to the bank’s
innovation agenda.
04
Travel to the United Kingdom with this issue’s
Kaleidoscope. Banks are responding to the changing
business environment by transforming their product and
service offerings. New business models are coming to the
fore and technology, increasingly, is taking on a new and
infinitely more capable character.
Treasury systems, which are key to a bank’s operations,
are striving to keep pace with the constantly evolving
business environment. Tech Watch details how, given
the complex nature of operations, agile technology can
enable treasurers to work on real time information to make
faster and better decisions.
Other regulars like the Feature detailing why Web 2.0 is A
Quantum Leap for Banking and a peek inside the covers
of Innovation and the Future Proof Bank in the First Look
section, complete the read. One that I trust you will enjoy.
And as it has always been for us, it’s your suggestions
and feedback that’ll make our day.
Wishing you a happy and agile new year!
WEB 2.0: A QUANTUM LEAP FOR BANKING
Banks continue to have difficulty harnessing Web 2.0 and the possibilities it represents. A simple
term created in a technology conference brainstorming session in 2004 by Internet pioneers Dale
Dougherty and Tim O’Reilly, Web 2.0 has become a catch-all phrase for anything new on the
Internet, or any new technology innovation. The term wasn’t perfect, and its definition lacked
precision, but the identification of the significant shift in consumer behavior and Internet usage
was profound.
Celent defines Web 2.0 as the tipping point in the evolution of the Internet, where consumer
behavior and activity, and its enabling technology emphasize the user experience and capabilities
as engaging, interactive, and collaborative. Web 2.0 represents a departure from the aspects of
much of the Internet’s legacy roots of one-way communication and static, desegregated data.
Absent the hype and technobabble, Web 2.0 might simply be characterized as “the dynamic
Internet” or “the interactive Internet.”
05
06
embrace: a user experience based on rich
information, designed for interaction and
engagement. As banks navigate the possibilities,
enabling technologies will become the next
hurdle — a non-trivial obstacle, but one banks
will be able to surmount.
By understanding the experiential aspects of
Web 2.0, banks can better understand the
evolving expectations of consumers, both online
and offline. This understanding will put them
in a position to retain and deepen relationships
with existing customers and, just as important,
this understanding will support the business as
it seeks to build relationships with the next
generation of consumers: Generation Y, which
not only is more tech-savvy than the bank’s
other segments but also has greater expectations
from the retail experience.
As a bank seeks to learn from Web 2.0, it will
need to evaluate its position not only against
its peer group, but also, more importantly,
against leading retailers outside the financial
services industry, particularly ones with strong
online offerings as well as the other domains
where consumers concentrate. Obviously
financial services are very different from
social networking or book or office supply
sales, but a few of these organizations have
created very effective user experiences that can
be learned from. When we look beyond the
banking vertical, we see opportunities for the
bank to reconsider its retail approach; this is
extremely important because a number of retail
industries are able to stay on the leading edge
even in times of great change.
Banks have not been on the leading edge
of online consumer sales. While consumer
expectations advance at a faster pace than
what banks can support, the gap between
Banks can realize the untapped opportunity
Web 2.0 provides by:
• Realizing Web 2.0 is not a specific
technology; rather it is a shift in consumer
behavior (largely online) and the technology
supporting it
• Understanding the drivers of the behavior
shift as well as the behavior and expectations
of the post-Web 2.0 consumers
• Recognizing that the gap between traditional
banking products and services and the
expectations of a post-Web 2.0 consumer is
significant, and it grows every year the bank
does not evolve
• Creating a roadmap to transition the bank’s
products, services, and marketing and sales
methodologies to remain relevant to a rapidly
evolving consumer population
• Accepting that — though some banks will not
change, and still continue to exist — those
that can evolve their product and services
offerings, to be on par with and relevant to
an evolving consumer population, will see the
greatest returns
• Applying a smattering of pixie dust in the
form of add-ons or visual cues such as
charts, or participating in a social network,
will move the needle. But decades of
consumer evolution requires looking at the
bank’s product and services in a new way
The Essence of Web 2.0
The essence of Web 2.0 is captured in two
major categories: experiential and technical. It is
essential that banks contemplate and understand
both categories.
The experiential aspects will be the most
important and most challenging for banks to
By understanding the
experiential aspects of
Web 2.0, banks can
better understand the
evolving expectations
of consumers, both
online and offline.
07
expectations and delivery grows, threatening
many banks’ bottom lines (while creating a
great opportunity for those banks able to look
at the retail experience in new ways). Worse
still is competition from non-banks; recall
non-bank PayPal’s success in person-to-person
payments. Without a change in strategy, this
delivery gap will begin growing at a faster
pace, particularly as Generation Y — which will
include 84 million U.S consumers in 2010 —
becomes a more important market segment
for banks. Combined with the following
generation, dubbed Generation Z, these groups
will represent over half (53 percent) of the
U.S population in 2020 and nearly two-thirds
(64 percent) in 2030.
Generation Y’s expectations of the retail
experience (online and offline) have been
shaped by the Internet. The wise retail banker
will look at this segment’s needs and begin a
transition plan to ready the bank to serve them.
While it will take time to change the bank’s
strategy and market approach to address
Generation Y’s expectations, the bank can expect
to see early wins with less expectant segments
(Boomers and Generation X) as its migration
plan plays out. In 2008, a few banks
(including top tier banks) unveiled offerings
that were distinctly different from any previous
bank offerings.
Although Web 2.0 will have the greatest impact
on the bank’s marketing and sales strategy, the
impact of the enabling technology of Web 2.0
will be great. Addressing consumers’ broadening
expectations will require a cultural shift within
the bank, but also a technical one. Where
the experiential side of Web 2.0 presumes
information transparency and richness as well
as collaboration, it will impact system design
and system integration (and in some cases,
core infrastructure). The shift in design
patterns and methodologies will benefit the
end consumer and internal bank staff, and
in time will help the bank deliver new
products and services faster and at lower
costs (based on the increasing share of standards-
based development).
The bank’s challenge - Harnessing Web 2.0
Extracting value from Web 2.0 is about
understanding how consumers are impacted
by it so as to understand their evolving needs
and expectations. From this vantage point,
the bank can put itself in the best position to
serve its current and prospective customers.
Many aspects of the underlying themes of
Web 2.0, as well as the means in which other
verticals have profited from behavior shifts
coinciding with Web 2.0, run counter to legacy
bank philosophy. It isn’t the profit areas
that have been incongruent with legacy bank
strategy; usually it is the methods and means
of getting there.
Many aspects of the
underlying themes
of Web 2.0 run
counter to legacy
bank philosophy.
08
Profit Potential Examples of Techniques Potential Bank ChallengesAdvertising • Placing (targeted) ads on an • Banks don’t advertise or promoterevenue Internet site marketing third third parties
parties using tools such as • Brand dilution. Note that Google was rankedGoogle AdSense, Yahoo! 10th best global brand by Interbrand;Content Match Google achieved this by being an industry
leader that not only doesn’t have a largeadvertising budget but also makes money byadvertising other brands
Increased sales • Participating with targeted • Many have been leery of investing in onlineto new clients search engine marketing to advertising (and many don’t realize the
draw customers to the bank ability to target ads)• Providing easy to use product • Willingness to pay third parties (especially
search, selection, and startups) for warm leads (For example, new“checkout” services such as MoneyAisle,
• Aggressively market and sell FindaBetterBank, or CheckingFinder)beyond the traditional footprint • Exposure to risk associated with account(but within legal boundaries) opening (over and above book sales)
• Historical bias for branch support limitsappeal of online selling schemes
Increased • Mining customer data to • Analytics performed at banks rarely translateup-sell and understand a prospect’s to real time product promotion or pricingcross-sell rates particular profile and suggest (beyond possibly a few product combinations
products based on the prospect’s or customer segments)and other customer’s • Banks rarely access customer transactionexperience / profiles data (at the customer or bank level) to
• Working with the client understand consumption behavior as itseamlessly across product relates to potential financial product needslines and channels / • Banks rarely use one customer’s data (evenaccess points if anonymous) to market / sell products to
another customer• Channel integration costs, silo ownership
(either in product or business function)• Over-emphasis of the bank’s product set
against the offerings of Amazon or Apple (tosupport a no-change strategy given banksare “different”)
Decreased • Building applications on • Banks are slow to adopt new technologiesdevelopment most current programming • Absorbing a new technology rarely results inand IT support paradigms retiring others; often results in increasedcosts costs
• Benefits from leveraging the latesttechnology take longer to realize because ofthe breadth of the existing systems
• Many banks rely on third parties fordevelopment, and savings aren’t realized(either financially or by observation)
• A history of proprietary development not onlyslows development, it also makes the shift to“open” methodologies a much moresignificant initiative
Increased • Leveraging customer data to • See analytics discussion abovecustomer make suggestions to clients • Difficulty in proving the return on investmentsatisfaction, • Drive customers to use features (ROI) with individual features or capabilitiescustomer that require significant interaction • Dependence on third parties to enhance theretention, and and return use (For example, web experiencedeeper bill payment and presentment, • Lack of desire to be the first bank with acustomer budgeting) materially different user experience (and therelationships • Design the online experience lack of compelling new online banking user
to be in a natural flow instead experience)of legacy online banking design • The risk of adding new features is far less
than a wholesale change
Table 1: Primary Profit Pools of Web 2.0 Mired in Challenges Stemming from the Bank’s Legacy
Source: Celent
09
In time, the attention Web 2.0 drew will be
seen as a great thing for banks. Bankers
(and those that serve them) will be drawn
back to the consumer and the consumer’s
needs — and away from the ways things have
always been done. Few of the highlights of
the Web 2.0 phenomenon are:
• Banks making waves (For example - BBVA,
Bank of America, and PNC)
• Banks supported by a vendor community
looking to tap new consumer opportunities
• Non-bank providers, without legacy
concerns and overheads, eager to step in
and meet unmet needs (partnering with
banks or otherwise)
Banks are at a critical juncture with the
significant market turmoil being encountered,
but the consumer finance experience, if left
untouched, may be even more significant over
time. Banks don’t just have a seat at the table,
they are the table. Banks missed opportunities
as deposits migrated to other financial services
providers over the years (particularly long-term
investment accounts). Although the banking
community must deal with the credit crisis, it
remains in the best position to take the bold
steps required to attract and retain customers;
almost no other financial services provider is
poised to do that, for the next several years
Author
Jacob Jegher
Senior Analyst
Celent
10
It is the end of another eventful year and it’s time to make our new year resolutions.
I think that for most banks 2010 will be about innovating more and better to create
sustainable advantage. I would like to add agility to that wish list.
The word agility usually evokes images of quick-fire action; a race in which getting off
the starting block is everything. A scan of the various definitions of this word showed
that it means different things to different people, from nimbleness to the ability to avoid
damage. But the one that caught my attention says that agility is a “perpetual state of
innovation, moving quickly yet thoroughly through product and process development
that creates competitive advantage and increases stakeholder value.”
10 Innovative Ways to Achieve Greater Agility in 2010
So, it’s not “fastest finger first”, after all.
Rather, agility is an attitude, a value system,
a willingness to be nimble of mind as well as
quick of body. And as the definition says, all
it takes is some innovative thinking. Here is
my “top ten” list featuring the new significance
of banking agility and how to attain it
through innovation:
1. An agile bank creates value. In 2010, the
focus must be on creating lasting and
compelling value for customers. Emerging
economies have youthful populations that
make a dynamic consumer base,
constantly evolving in taste, preference
and behaviour. Any organization hoping
to retain such customers must deliver a
value proposition that adapts to their
changing expectations and when
unsuccessful, compensates for churn by
attracting new customers. How will this
happen? By creating an innovation cycle
to critically examine every element in the
banking eco-system and reworking on
them, as necessary.
2. More with less in an agile bank. The
financial crisis trained the spotlights firmly
on conservation and efficiency. Now, as
banks chase new growth, they must do
away with traditional thinking which
says that this can come only by deploying
extra resources. Rather, all of banks’
properties must become more nimble,
flexible and extensible, in other words,
more agile. Thus, there should be
higher productivity with fewer people,
more profitability from a smaller product
suite and higher revenues even if the
customer base is unchanged. Banks must
direct their innovation energies towards
finding ways to leverage existing resources
fully before investing a single dollar in
new ones.
3. People drive agility. An organization is only
as strong as its people. They draw their
power from an environment that facilitates
commitment, adaptability, progress and
clear thinking; one in which there are no
boundaries to achievement. Organizational
support by way of training and empowerment
is its very foundation. By providing this
support, people become more agile in
their thinking, willing to explore new
limits of performance and commitment.
Each of the above plays a unique and
important role. Training is essential in order
to impart information about products,
processes and systems on an ongoing basis
to all those who need to know.
Empowerment creates a breed of confident
and capable leaders who can make
decisions that count. But, before the bank
empowers its employees, it must enable
them with “decision making wisdom”, so
that they not only understand the possible
outcome of their action, but also know
what protocol to follow and whom to consult
before taking it.
4. There’s no place for status quo. It is easy for
an organization to turn complacent when it
reaches the pinnacle of success, and that is
when it is most vulnerable. Market share,
profitability or shareholder value are under
constant threat from rival organizations, and
a bank that maintains status quo will not
reign for long. It must constantly question
existing ways of doing things to find a
better way. It must aim not for “getting it
out”, but getting it right, each time. And
when faced with an issue, it must uproot
11
Market share,
profitability or
shareholder value
are under constant
threat from rival
organizations, and
a bank that maintains
status quo will not
reign for long.
the problem rather than apply a quick fix.
Today, the customer service desk works
with a bound script, going through a
pre-programmed routine for each call,
regardless of the caller’s requirement.
How about giving the customer a
bit more elbow room? Wouldn’t it be
better to include the customer into the sales
“drill” by paying closer attention to what
he or she really needs? Clearly, we’re
talking of a total mindshift here, which
can only come about with original and
innovative thinking.
5. Agility is about fitting rather than fighting.
Remember the time when the music
industry was up in arms against the
MP3 invasion? Apple showed the world
how innovation and agility can win the
day. Rather than fight the download
phenomenon, which would have been
in vain anyway, they recognized an
opportunity in the strong consumer demand
for “playlist music” and went after it. The
iPod became an instrument that allowed
consumers to easily and legally access
their choice of music using iTunes, and
in this way, connected service providers
with end users. The rest, as they say,
is history. Banks are no different and
face similar pressures from regulators
expecting greater conformance, customers
demanding better performance and rivals
looking to wean away their customers
and their employees. It is probably more
prudent for them to find innovative ways
to fit into the ever changing environment
rather than fight the elements.
6. An agile bank acts, not reacts. Banks
spend millions in gathering customer
information through field research, surveys,
direct marketing or other means. No doubt,
these activities read the market pulse and
at times enable banks to mount a swift
response. Yet, their insight will always
be second-hand. But what if banks could
act beforehand, rather than once an event
has passed? Wouldn’t that be true agility?
It is indeed possible to do so, and what’s
more, it’s customers that can make it
happen. Introducing the “sellsumer”- the
buyer who sells your services. A “sellsumer”
is a customer who is also a participant in
the sales process – for instance, someone
who leases out space on owned premises for
the bank’s billboard. Even as “sellsumers”
earn some monetary compensation for their
contribution, they can provide firsthand
feedback to the bank in the course of
this dual relationship. Contrast this situation
wherein the customer directly tells the
bank what to expect, with one in which a
research firm informs them about something
that has already happened.
7. An agile bank anticipates latent aspirations.
With consumers of today turning more
individualistic, the industry has made
efforts to personalize its offerings. The agile
bank is a step ahead, enabling customers
to retain their individual identity. This
is a departure from the usual practice
of assigning identical individuality to
all customers grouped together in a market
segment. But we know how ineffective
that approach can be. Economy travellers
think of themselves as business class
passengers-in- waiting. Likewise, a silver
credit card holder desires many privileges
offered only to platinum members. An
agile bank is smart enough to spot these
latent aspirations. By innovating on its
12
The agile bank
enables customers to
retain their
individual identity.
This is a departure
from the usual
practice of assigning
identical individuality.
segmentation strategy, the bank can refine
its understanding of individual needs and
cater to customers’ uniqueness.
8. Agility is being open. No bank is an island.
This business derives its energy from a vast
eco-system comprising partners, customers,
regulators and investors. Businesses in
general have turned more collaborative,
leveraging the expertise, opinion and
efforts of different elements in the
eco-system to great advantage. Banks can
learn much from other industries such as
telecom or retail which have mastered the
art of listening and reaching out to
customers. For instance, they can improve
delivery by mobilizing more aspects of
banking through what I call “adaptive
mobility”. People, products and services
should reach out to customers in as
many ways as possible – physically, on
phone or virtually – depending on the
customers’ location or preference. By
innovatively improving the outreach of
their channels, banks can reduce the time
lag between need and fulfilment. What is
agility if not this?
9. Agility is simplicity. Legacy systems,
outdated processes and complex policies
act as deadweight. Agile organizations have
simplicity built into their DNA. Ease of
use, customer friendliness and transparency
are accorded high priority in all that
they do – right from designing products,
on-boarding customers or communicating
with the world. Such organizations will
be able to make bigger promises to
customers and keep them.
10. Agility looks at how far, not how fast.
While I won’t go so far as to cite the hare
and tortoise story, agility is more akin to
endurance than speed. Take Toyota for
example – the car manufacturer took several
decades to enter the luxury segment. They
took their time to assess needs and wanted
to launch a product that would stay relevant
for a length of time. Result – when they
introduced the Lexus, it vaulted to the top of
the rankings very quickly!
Apple does the same thing. They launch
very few products compared to their
rivals – however, each new product is
packed with substantial innovation, intended
to last some distance. Thus, the iPod is a
one-time (or at least a longer term) investment
that is extensible with new applications and
functionalities through downloads.
Likewise, banks must pack their products,
services, channels and other offerings with
lasting power. This is not to say that
these must remain static. Rather, they
must be inherently robust so that their core
proposition remains valid despite changes
in market needs or regulations and flexible
so that they can be innovated upon from
time to time.
Finally, I’d like to say a word on the big
questions that dog innovation decisions.
Entailing investment, change and risk, these
choices are never easy.
Should one go for what seems right or that
which is correct? The right choice may be
an expedient approach, but incorrect from
a long-term perspective. An innovation that
works for the marketing team may be all wrong
as far as the auditors are concerned. A correct
innovation decision is one that benefits the
entire organization in the long run although
it might not generate quick wins in the short.
13
Legacy systems,
outdated processes and
complex policies act
as deadweight. Agile
organizations have
simplicity built into
their DNA.
14
It is important not to confuse innovation for
invention. The latter implies a breakthrough
development, which only comes by once in a
while after substantial expenditure of resources.
In contrast with the big leap of invention,
innovation usually takes small steps, yet, the
banking industry has benefited hugely from
it. Therefore, to achieve agility, banks must
maintain a reasonable balance between the two.
Related to the above, is the choice between
disruptive and incremental innovation. Unlike
other industries such as telecom or entertainment,
the banking industry has experienced little
disruptive innovation. However, the emergence
of new business models such as direct banking
and peer to peer lending could become a force
for traditional players to reckon with, and
hence ignored at one’s own peril. Recognizing
this, several credit unions in the U.S have
allied with social lending platforms. So, even
as banks carry on with their incremental
innovations, they must keep a close watch on
bigger developments.
Where possible, innovation must favor
collective growth over individual. Working in
isolation, a bank can only go so far. However,
if banking growth can piggyback on that of
other businesses, it can gather huge momentum.
For instance, an automotive boom provides
banks the opportunity to expand their vehicle
finance portfolio. By innovating on their loan
products through bundling and other measures,
or on distribution through exclusive tie-ups
with manufacturers, they can not only grow
their own asset book but lend impetus to
automobile demand as well. No doubt, this
creates a more sustainable opportunity.
Banks looking to acquire greater agility in
2010 must start by redefining the term. True
agility comes with openness, commitment
and above all, a desire to provide
maximum value to customers. That being said,
it takes more than out-of-the-box thinking to
create a truly agile and innovative organization.
Ideas must be backed on the ground by
out-of-the-box execution
Author
Rajashekara V. Maiya
Product Manager - Finacle
Infosys Technologies Limited
True agility comes
with openness,
commitment and
above all, a desire to
provide maximum
value to customers.
How the Englishare Bankingon Tomorrow
Banking in the U.K has been greatly impacted, in recent times, by the winds of
change. Still struggling to find its bearings in the aftermath of the recent
recession, banks in the U.K have been compelled to rethink their approach to
business, in response to customer communities’ changing attitude to banking. The
transformation has spanned several dimensions. Product and service offerings
are undergoing change, the race to comply with changing regulations is fast
and furious, and new business models are coming to the fore, even as ambitious
entrants like TESCO enter the fray. Technology, in a bid to deliver on the
mandates of the changing business agenda, is taking on a new and infinitely
more capable character.
15
The key trends in this space can be effectively
reviewed, from the following perspectives:
• Business
• Technology
Business trends
These are not easy times for banks in the
U.K. They have been quite severely hit by
the world economic depression. Major players
like Lloyds and RBS have received fund
injections from the government to stay afloat,
after their unprotected exposure to the crises.
It’s not just the big banks that have been
signed. Big and small building societies have
had to handle their share of the problem as
well. While the future looks challenging for
U.K’s financial institutions, progressive players
are already tweaking their game plan, for success
in the new world.
Demand for deposits
Deposit accrual has become a very important
part of banks’ offerings to customers. In line
with the worldwide trend, there is a significant
step-up in their aggression to acquire deposits.
Deposit rates have been quite low with bank
rates dipping to its lowest ever, succumbing to
the deflationary pressures of the economy. This
has led to new disruptive models of deposit
taking. One that has gained momentum is the
branchless model to garner deposits. Setting up
a direct bank, to acquire deposits through the
Internet, is a trend clearly gaining popularity.
Some banks are leveraging innovative pricing
mechanisms to pass on the cost advantage
gained through the direct model to their
customers, by offering a higher deposit
rate. ICICI Bank, U.K, for instance, has
successfully offered one of the highest rates
in U.K for deposits through the HiSave product.
Thus newer and cheaper models of product
delivery are emerging in the U.K, with
multi-channel offerings pushing the delivery
model to a distinctly self-service mode.
Focus on multi-channel strategy
While it is in banks’ interest to push to
popularize online self service channels, in the
U.K the uptake of Internet banking has been
far from encouraging. With the dip in customer
trust, created by the recent meltdown, the
forecast for growth of self-service channels, in
the immediate future, is rather bleak. Recent
research notes that only 31 percent of adults
use Internet banking in the U.K, where as 74
percent shop online. So, undoubtedly banking
consumers in the U.K are net savvy and yet
lesser than half are comfortable using Internet
banking services. Currently online banking
as a channel ranks third in popularity after
the ATM and the branch. Mobile banking
and mobile payment facilitation is another facet
of the channel strategy that banks in the U.K are
seeking to popularize. Players like Monilink,
wooing customers with mobile banking services,
are being watched with much interest.
Familiar names in unfamiliar turf
New big names are infiltrating the banking
arena in the U.K. TESCO – U.K’s largest and
most widely spread retailer - is a case in point.
TESCO has leveraged its modest personal
finance division, to launch a full fledged
bank. Popular expectation is that TESCO will
leverage its understanding of retail best practices
to transform banking in the U.K. Some examples
of how this will change the scenario, include:
1. Showcase of banking products in retail outlets
2. Door-step delivery of banking services from a
retail point of view; premium doorstep banking
becoming popular and wide-spread
3. Leveraging data about consumer spend
patterns, to arrive at context-specific banking
Undoubtedly banking
consumers in the
U.K are net savvy
and yet lesser than
half are comfortable
using Internet
banking services.
16
offerings to match spend patterns. For
example, cards with specific loyalty programs
based on the customer’s spend behavior
This is also in line with the trend spreading
across Europe where branches are being re-
discovered and revamped as strategic channels,
redefining customer experience positively.
Other players from across verticals making a
beeline to usurp the banking space in the U.K
include institutions like Virgin Money. Each
such organization is expected to bring in its own
disruptive model into the business, redefining
the conventional tenets of banking in the U.K.
Agility driven innovation
The recent agreement wherein two of U.K’s
banking majors decided to sell a part of their
branch network, along with the associated
assets, to finance part of the funds injection is
a landmark decision. This is expected to pave
the way for smaller and more agile players to
grab their share of the market, till recently
wholly dominated by the big boys. This is
expected to result in more innovations, in
terms of products, services and delivery
mechanisms. A new breed of products like
Shariah compliant offerings will possibly
start grabbing shelf space at banks, thanks to
U.K’s population diversity. Notably, the
profit potential of these products will be the
primary driver of adoption, as opposed to their
religious significance.
Payments revolution
Payments in the U.K, have seen some major
changes in the last few years. The introduction
of U.K Faster Payments and changes in credit
card usage regulations for making payments
are notable examples. Usage of cheque as an
instrument of payment has dropped by more
than 60 percent from the mid nineties. There is
speculation around cheques being completely phased out by the end of the decade. On the other hand, plastic modes of payment have doubled in the last ten years. While credit card issuance has recorded negative growth, debit card issuance is soaring. Electronic payments are rapidly gaining popularity, and it is expected that closer integration with Payment Services Directive (PSD), will give further impetus to this trend. The mobile as a channel will become one of the instruments that will compete with plastic for small value payments. This provides an opportunity for mobile technology providers to become part of the banking service providers network, where these services will be consumed directly by end customers, or used by the bank to enhance their mobile banking offerings. Banks will use the concept of a stored value account on the mobile to provide limited banking services to customers who are unable to maintain minimum balances – and these stored value accounts will be delivered through mobiles.
Tightening regulations
Regulatory authorities in the U.K are keen to give a new lease of life to the banking arena. Stringent regulations are making way into the system. By the end of this fiscal year, the last of the self-regulated retail banks in the U.K will come under the regulatory jurisdiction of the Financial Services Authority (FSA), through introduction of the Banking Conduct of Business Sourcebook. Clear transparency norms on offerings and SLAs related to services rendered are the expected outcome. Regulations will empower banking consumers to challenge banks in the court of law, in terms of their market dealings and exposure. If customers perceive that their deposits are being risked by banks indulging in market activities that could endanger the liquidity of the business,
customers can challenge these institutions. Banks
17
Banks will use the
concept of a stored
value account on
the mobile to
provide limited
banking services
to customers
who are unable
to maintain
minimum balances.
that have benefited from state funds for their
recent bail out would have to insure their
deposits – thus pushing up the cost of deposit
offerings. While caution through regulations is
a welcome change, U.K’s bankers are keen to
ensure that this does not affect the viability of
the business of banking.
Technology trends
The most strategic technology trend in the U.K
is the move towards greater outsourcing by its
financial institutions, as a means to improve cost
efficiencies. All major players are leveraging
outsourcing in some measure to drive their
current operations. Interestingly, the forecast is
that a shared services model is expected to gain
popularity, and smaller players will move into
this outsourcing model in a big way.
Several of U.K’s banks have legacy systems at
the heart of their operational engine and before
the recession drove them to step on the brakes,
they had begun to seriously consider adoption
of next generation platforms. As newer players
make inroads into the business, competition
will build a strong case for these banks to once
again review their technology transformation
plans. There is bound to be more consolidation
as the new economic regime unfolds, which
will also provide a stimulus for banking platform
upgrade and replacement.
In summary
Banking in the UK is undergoing a metamorphosis
not dissimilar to that witnessed in other advanced
markets, of the world. Newer banking models
promising innovative products, service offerings
and delivery models are what the world has
come to expect. New entrants are adding to the
excitement and intrigue. Greater transparency
in the banking system, driven by new regulations,
protects consumer interests. The state of flux
may indeed churn up a whole lot of good….both
for the business and the consuming segments.
Author
Chandramouli Kundagrami
Principal Consultant - Product Strategy, Finacle
Infosys Technologies Limited
18
Innovation: Driven bythe Organizational Mindset. Enabled by Technology.
Anurag SaxenaExecutive Director and COOFCMB
19
First City Monument Bank Plc (FCMB) is a universal banking institution headquartered at Lagos, Nigeria with a nationwide network of about 150 branches and several subsidiaries. FCMB is the flagship company of the First City Group, one of Nigeria’s leading comprehensive financial services provider. Since FCMB’s establishment as First City Merchant Bank Limited in 1982, the bank has distinguished itself in the provision of superior financial services to a broad clientele. Following a universal banking license in 2000, the bank’s name was changed to First City Monument Bank Plc, retaining its popular acronym, FCMB. Today, the bank has emerged as one of the leading and most respected financial services institutions in Nigeria with an exceptional management team, a good network of over 250 service points, an array of unique financial products and services as well as a strong brand.
We spoke to Mr. Anurag Saxena, Executive Director and Chief Operating Officer at FCMB, about his viewpoint on the role innovation plays in fostering organizational agility. Mr. Saxena joined the board of FCMB with over 20 years’ experience in all aspects of banking including retail banking, commercial banking, transaction banking, distribution, marketing, product development, strategy, IT, service quality and operations across Asia, Africa, Middle East and Europe.
“Innovation can be as simple as ‘new to the market’ if not really ‘new to the world’ .”
customer needs, optimally. The need itself
may be far from creative, but the solution
offered can certainly be innovative. For
example, ten years ago the market had not
even heard of the mobile phone, but the
moment mobile banking was on offer, the
idea was accepted instantaneously. Sometimes
innovation is met with initial resistance from
customers. But education can change that. A
case in point is the Point-of-Sale (PoS)units.
In Nigeria, we launched innovative electronic
banking, and today we have over 8,000
delighted customers leveraging this service.
Another example of a popular innovation we
launched is that of the ‘All-in-one Account’
– first of its kind in the country. Customers
were happy not to have to track their current,
savings and fixed accounts, separately. All
this was made possible by an organization
culture that believed in remaining agile and
responsive to changing customer needs.
Banking products are becoming very
commoditized and every progressive bank
must innovate to differentiate. And the
customer is most often the driver of this
innovation. Innovation can be as simple as
‘new to the market’ if not really ‘new to the
world’. The last thing I would want is for
my customer to move his business to another
bank, so if we can remain agile enough to
surprise and delight him with relevant
innovation, the strength of the relationship
improves. And, this in turn increases
opportunities for cross-sell.
Do you think innovation is an
incremental process?
I have seen the incremental test approach –
testing of different segments, different
markets, and different products – work well
to keep innovation alive at the bank. And
What is the role of innovation in
nurturing organizational agility?
Banking customers, today, are aware of all that’s happening around the world. Since, everything is changing so fast, so are their needs. Just some time ago customers were thinking about capital appreciation, but now their needs are so different. And the only way a bank can keep up with these changing requirements is through true organizational agility. In our case, we started as a mid-sized bank, before we became the top-tier bank, we are today, and this was made possible by an organizational culture that truly supported both agility and innovation. We have made substantial investments in technology, allowing us to respond to change innovatively as an organization. Take for instance, the products we have on offer. We have innovative products both for the long and short terms. I also think it is critical to have the best people, who can support and nurture this spread. The other important innovation that we as an organization have invested in to positively impact agility is the metrics-driven approach We have taken to test and measure product success. This very focused approach allows us to constantly review our offerings and nurture or kill a line of product or service, based on the newest customer need or reaction. Technology allows us the agility to make that possible on the ground.
What play does the customer have in
‘innovating for organizational agility’?
We have recently been nominated one of
the most innovative banks in Africa along
with ABSA Bank, a big South African
bank. For us, innovation is determined
by how effectively and creatively we meet
I have seen the
incremental test
approach –
testing of different
segments, different
markets, and different
products – work well
to keep innovation
alive at the bank.
20
Having the right
technology platform
is very critical as a
lot of innovation
otherwise would be
wishful thinking.
these innovations can be small but
significant. For example, today if I can
remove one process out of the system
without depreciating the operational
flow, then that is innovation. If the
customer doesn’t have to visit the
branch, but the branch goes where the
customer is with direct banking, then
that is innovation. If the innovation
brings more value for the customer and
doesn’t cost much to the bank, it’s a
win-win situation.
In the banking industry nothing remains
new for long. What I do today will be
copied by someone tomorrow. So, if I
don’t keep innovating constantly and
incrementally, it’s not easy to stay ahead.
It can be a process today, a product
tomorrow, or a new application or even a
novel way to take products to customers.
All of these increments add up to the
bank’s innovation agenda.
Is IT the sole enabler of organizational
agility? What are the other factors that
have critical play?
I think strategy and leadership are
most important. You have to have
an organizational strategy that can
adapt to constant change. You have to
have a strategy which is not carved in
stone, but allows free thought aligned to
changing need. It takes the organization
leadership, culture and an enabling
environment to work together, to set the
foundation for true organizational agility.
Of course, partners are critical too. While
an environment that stimulates is important,
the bank needs tools that deliver as well.
Tools driving the operational framework,
helping with analytics, and mining
customer data are critical. Another thing
that figures prominently in the equation
is effective information management. All
of these together impact organizational
agility and the bank’s ability to innovate
in the space.
What do you think is the role of an
‘innovation partner’?
An innovation partner, as you term it,
can certainly help a bank add value to its
innovation agenda. For example, if we
did not have the technology backbone
and support from our technology partners,
our ambitions of achieving organizational
agility would never have been translated
into reality on the ground. All of the earlier
discussion would have remained purely
academic without the right technology
partners to support our innovation plans.
Having the right technology platform
is very critical as a lot of innovation
otherwise would be wishful thinking and
at the end of the day having the flexibility
to do it all is very important. There are
always environmental changes one might
not have prepared the business for, but
investing in the right platform and the
right partnership can help the bank
respond to it all effectively. The value of
a good innovation partner, especially
from a technology perspective, can never
be underestimated
21
Agile Treasury Technology for the Emerging Financial World
At the peril of sounding rather clichéd, I am tempted to begin this article with a quote that seems to describe our times so aptly - “Nothing is permanent except change.”
With the recent financial crisis having altered the global financial canvas forever, the acid test for any organization seeking to thrive in this space today is its ability to respond to change meaningfully and with agility. Agility in identifying opportunities amidst the challenges. Agility in decision making. Agility in redefining business goals. Agility in developing strategies. Agility in adapting new technology. Logically, this extends to the bank’s treasury operations and technology as well.
Treasury: Changing with the changing banking landscape
Soaring customer expectations have not only transformed
retail banking but have also influenced the way bank
treasuries operate. Plain vanilla FX and money market
deals are but hygiene today. Treasurers are busy
structuring complex deals for their customers; exotic
options are commonly found and plain vanilla
American and European options are getting rarer. Credit
derivatives along with energy and carbon trading are
in vogue. Algorithmic trading has witnessed multifold
increase in trading volumes, and 24X7 trading is no
longer a dream. The focus on risk management is
growing and treasurers are striving to comply with
global mandates.
Technology to keep pace
Treasury technology has striven to keep pace with the
constantly evolving business environment. IT heads
seek to establish state-of-the-art trading floors
embellished with Reuters, Bloomberg, dealing screens,
best of breed management systems, algorithmic trading
platforms, dedicated hotlines, flashy LCD screens and
possibly every other modern day gizmo that can fit
into the treasury landscape. There is also increased
focus on leveraging technology to manage risk
and regulate markets. Intuitive dashboards, complex
22
pricing, structured deals and VaR calculations
are all being driven by technology.
Given the complex nature of operations, treasurers
depend on real time information to take informed
decisions. From technical charts to macroeconomic
indicators such as the inflation index, CPI and PPI
numbers, employment data and intelligence driving
technology is key. Treasurers also rely on decision
support systems and analytical tools to enable
agile decision-making. Technology has proven
invaluable for market research and to develop
mathematical models.
From DOS-based applications and client server
machines then to Web-based technology today,
treasury operations have seen it all. However
selecting an appropriate technology is not always
easy. The decision is influenced by budget,
requirements and organizational goals.
Technology for agility
Bespoke treasury
Till recently, solution vendors offered pre-configured
products to treasurers and these found a place in
dealing rooms. Not so anymore. Today, treasurers
dictate what they need to drive agile operations.
Systems are tailor-made based on specific
requirements. Pre-configured systems generally run
a risk of being too simplistic and region-specific
which may not suit banks looking for flexibility
and agility. Bespoke applications allow banks to
be at their agile best, in terms of deploying new
functionalities. Legacy applications often fail to
deliver on the business’ current mandates and
bespoke treasury solutions are the need of the hour.
They allow banks to leverage components they
need and pay just for these. That’s why, modularity
of the treasury solution is critical.
SOA architecture
Treasurers have long since recognized the merits of
leveraging specialized solutions for functions such
as pricing, risk, simulation, trading and reporting. Yet
building and maintaining multiple interfaces have
posed untold hassles. Creating seamless integration
among multiple systems for treasury operations can
pose a significant challenge. The need to ensure
that security remains uncompromised is another
mandate. However banks are now increasingly using
architecture that is open and modular. IT heads of
agile organizations have found an answer in Service
Oriented Architecture (SOA) which is open and
can easily coexist with legacy applications. SOA
provides a means to deploy and quickly reconfigure
applications, databases and other infrastructure hosted
at data centers. It enables effective interconnection
between applications such as trading platforms, risk
engines, central position keeping applications, data
warehouses and enterprise GL systems. It also allows
bank treasuries to get the most out of their existing
software without having to consider expensive new
technology investments.
SaaS as a delivery model
SaaS as a delivery model has picked up pace in
recent years and banks have started to appreciate its
benefits. It can help corporate treasuries to efficiently
reduce their total cost of ownership and at the same
time gain in agility. One pain point for banks
embarking on a treasury transformation venture is
the solution selection process that can be both
painstakingly slow and cost intensive. The SaaS
model very precisely addresses this issue and
delivers a sound value proposition for both
corporate houses as well as bank treasuries. It
drastically reduces capital and support costs besides
improving operational efficiency. The model
requires the solution provider to not just provide
the software but also maintain it, thereby driving
down significantly the costs of hardware acquisition.
Corporate treasuries, in particular, have benefitted
by the SaaS model. They need real time access
to their cash positions, overall receivables
and payables, while adhering to regulatory
SaaS as a delivery
model can help
corporate treasuries to
efficiently reduce their
total cost of ownership
and at the same
time gain in agility.
23
requirements and complying with SOX mandates. This model can make life easy for treasuries operating across multiple geographies. Various entities can key in data directly into the solution without having to maintain multiple spreadsheets thereby increasing transparency and ensuring accessibility. Organizations often cite flexibility and integration as two major drivers for selecting this delivery model.
Cloud computing
Cloud computing is yet another next-generation disruptive technology. It essentially uses the Internet and remote servers to maintain data and applications. Cloud computing allows banks to use applications without having to install them. As the servers are remotely placed, this technology brings in efficiency by centralizing storage, memory, processing and bandwidth. People often mistake cloud computing for SaaS but the cloud is a larger concept. SaaS, in fact, is merely a part of
the cloud.
Besides reducing cost and bringing in agility,
cloud computing can be extremely beneficial for
treasury operations as sophisticated treasuries
have their internal risk models, grid infrastructure
for risk analysis and pricing engines often hosted
on external data centers, but will need to add
capacity sporadically, at critical points, when
executing the application. Adding capacity
often means massive investments and may well prove a hindrance for many banking organizations. This is where cloud can help these banks in creating capacity, without having to invest heavily in infrastructure. Cloud computing also spares the bank’s IT department the hassles of constant upgrades, allowing them to concentrate on core functional areas.
In summaryTreasury operations by their very nature are extremely complex and in a state of constant flux. The key is to have the best brains maneuvering treasury operations, enabled by the best technologies. Today banks are not lost for options with bespoke treasury software, SOA, SaaS and cloud computing on the scene. However, besides selecting the appropriate technology, it is critical for the bank to use it appropriately to achieve the desired business outcome. Using SOA alone or in combination with SaaS and the cloud is a decision that lies before banks’ IT heads. Banks have no choice but to adopt leading edge technologies that can help them gain the agility so critical to conduct business in today’s hyper-competitive market. Technology could make that vital difference between agile and docile treasuries in the days ahead!
References1. http://en.wikipedia.org/wiki/File:Cloud_
Computing_Stack.svg
2. h t tp : / /www.e-forex .ne t /ar t ic les /The+e-Forex+Surgery/925/Using+Software+as+a+Service+28SaaS29+for+more+effective+Corporate+Treasury+Management2C
3. h t t p : / / m t c / C l o u d C o v e r a g e / P a g e s /CloudCoverage-Nov09.aspx
AuthorSanjeev Kumar NargotraLead Consultant – Finacle Treasury
Infosys Technologies Limited
24
Besides selecting
the appropriate
technology, it is
critical for the
bank to use it
appropriately to
achieve the desired
business outcome.
CLIENTS
SERVERS
User Interface Machine Interface
Compute Network Storage
Infrastructure
Components Services
Platform
Application
25
Finacle – Your Innovation Partner
Infosys among Asia’s Most Admired Knowledge EnterprisesInfosys Technologies Limited (Infosys) has been recognized amongst the top 16 Asian companies to be listed in the prestigious Most Admired Knowledge Enterprises (MAKE) study, 2009. Infosys has won the Asian MAKE award six times in the past and is one of the five Indian companies amongst the leading Asian corporations to have won the award this year. The 2009 Asian MAKE panel has recognized Infosys for developing new products / services / solutions, and enterprise knowledge sharing and collaboration.
Infosys Launches Flypp™ Mobile Application PlatformInfosys Technologies Limited announced the launch of Flypp™, an application platform which will empower mobile service providers to delight digital consumers through a host of ready-to-use experiential applications across the universe of devices. Flypp™ from Infosys is a ‘Ready to Launch’ Application platform for mobile operators. This “operator-centric” platform enables mobile operators to offer a bouquet of applications, including third party ones to its subscribers with a rich and engaging customer experience. The platform can be easily integrated into operators’ current technology environment and can also plug-and- play with their existing on-deck applications.
Flypp™ also provides Independent Software Vendors (ISVs) a viable and attractive channel to showcase and monetize their proprietary applications across multiple regions and service providers. The platform also includes an Application Toolbox to test and certify the satisfactory operation of applications on service provider environments.
Finacle Unveils Innovation Research Reports Infosys Technologies Limited unveiled three significant reports on banking innovation from surveys among senior bankers in US, Europe and India.
BAI and Finacle Research Series - Navigating in Turbulent Times: Competing for Deposits and Relationships - surveyed over 116 senior bankers from over 100 financial institutions across the U.S. The whitepaper reports that four out of five bankers rate innovation initiatives as extremely or very important for their pursuit of growth and for improving future efficiencies. Further, close to nine out of ten believe that IT will be extremely or very important to innovation efforts.
Infosys joined hands with European Financial Management & Marketing Association (EFMA) for a survey on Innovation in Retail Banking among banks across Europe. Senior management from 89 banks in 26 countries across Europe contributed to the research. 78 percent of the banks in the survey believed that the importance of innovation was high or very high for both growth and efficiency. Inflexible IT systems and bottlenecks in IT development were the top 2 barriers to innovation across all 3 regions.
The Banking Survey 2009— Innovation Perspectives, an Economic Times and Finacle research report showcased
perspectives from 70 C-level executives across 33 leading banks in India and their perception of innovation in banking. The findings suggested that 77 percent of respondents are pursuing both strategic and incremental innovations and 83 percent banks are increasing investment on innovation.
Infosys Launches Finacle Advizor™ Infosys Technologies Ltd. announced the launch of Finacle Advizor™, an integrated platform which empowers banks to deliver products and services through a fully assisted self-service channel using existing Internet banking capabilities.
The patent pending solution provides banking customers a self-service channel, like the Internet, kiosk and ATM, for real-time access to their bank relationship, such as account inquiries, fund transfers, credit card and mutual fund payments and remittances. In addition, Finacle Advizor™ enables bank customers using the self-service channel to experience the comfort of interacting with a bank representative who can help with transaction assistance and remote advisory functions. This not only enhances the customer experience but also increases the efficiency of the bank staff, improving the return on investment for the bank from the channel.
James A Gardner
Innovation and the Future Proof BankA practical guide to doing different business-as-usual
26
BOOKREVIEW
Innovation. A subject that is relevant but expounded
upon over and again. Possibly, once too often.
A subject that’s so vast that it’s really quite
impractical to expect a book to say it all. After
all, haven’t we all read about innovation tips,
guided steps to profitable innovation, the merits
of disruptive innovation over incremental
innovation and vice versa? Right. But Gardner
proves us wrong, with this book – probably an
innovation in itself – because it does not just
address the intricate components of innovation,
but defines the innovation process and how to
lead an innovation initiative successfully as well.
The conversion of the ‘new’ to business-as-usual,
is a very special business process, Gardner
explains. It is the business process able to
reprogram all others. Creating the practices that
make this process work is a key challenge for
all in the financial services business, worried
today about their ability to respond to the future.
When an institution can identify things that are
outside its present practices and convert them,
production line style, into products, processes,
cultural changes, or new markets, it will never be
outpaced by internal or external change again.
That’s how Gardner directs the institution towards
becoming “Future-Proof”.
This is a book about those practices in banks. It
explains, using examples from institutions around
the world, what it takes
to create an innovation
culture that consistently
introduces new things into
undifferentiated markets
and internal cultures.
It shows how banks can
leverage the power of
the new to establish
unexpected revenue lines,
or make old ones grow.
And it provides advice
on the social and
political factors that either help or hinder the germination
of innovation at banks.
It is undoubtedly a book any banker considering flirting
with innovation or dedicating a lifetime to it, must read
with as much reverence as a pastor his bible. However,
one would have thought the book would throw greater
light on the typical barriers to innovation, and how banks
can hurdle them. While Gardner does touch upon this
subject, the lack of lucid examples that tell the story is a
small dampener.
Indeed it’s a valuable resource for bankers. But then again
it’s as relevant for any true leader. After all, Innovation and
the Future Proof Bank provides the diagnostic tools to guide
benchmarking and investment decisions for the innovation
function. And for innovation practitioners, the book lays out
everything needed to make sure that converting the ‘new’ to
business-as-usual is predictable, measurable, and profitable.
Surely, that’s ammunition for any business, worth its top
and bottom lines!
Wilbur & Orville Wright
PARTNERSHIPPROPELSINNOVATION,TO SCALE NEWHEIGHTS
Progressive-minded banks partner with Finacle, to achievebusiness growth.
Finacle enables them to drive-up customer acquisition,right-sell effectively, widen offerings and aggressively expandoperations, while reducing complexities and costs.
To see how Finacle can partner with you to power-up yourbank’s innovation agenda, and help boost growth, visit us atwww.infosys.com/finacle. YOUR INNOVATION PARTNER
from
Universal Banking Solution System Integration Consulting Business Process Outsourcing
PARTNERSHIPBUILDSINNOVATION,TO MANAGEDIVERSITY
Banks that understand the advantage of nurturing a spring of ideaspartner with Finacle, to meet diverse customer needs effectively.
Finacle enables them to bundle products and deliver oncustomer-specific strategies for product development, service levelagreements, repayment schedules as well as relationship-basedpricing.
To see how Finacle can partner with you to power-up your bank’sinnovation agenda, and help you manage customer diversity, visitus at www.infosys.com/finacle.
Francis Crick & James Watson
YOUR INNOVATION PARTNER
from
Universal Banking Solution System Integration Consulting Business Process Outsourcing